The Declaration commits countries to implement a Common Reporting Standard endorsed by G20 finance ministers last February. The standard obliges countries and jurisdictions to obtain all financial information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis.

“Signing the Declaration is an important commitment, which shows the significant progress being made in Andorra,” said Pascal Saint-Amans, director of the OECD Centre for Tax Policy and Administration. “We welcome this first step, as part of wider and continuing efforts in Andorra to revise tax policy and improve the transparency of the international tax system.”